Stock index futures refer to futures contracts with market index, industry index and sector index as the subject matter. The expansion of stock index futures means that the market demand for this financial instrument has increased and the trading scale has gradually expanded. So, what impact does the expansion of stock index futures have on us? The following are analyzed from the perspectives of market efficiency, capital market reform and risk management.

The expansion of stock index futures can improve the efficiency of the market. The futures market is a trading method that can lock the price in advance and avoid risks. The emergence of stock index futures provides investors with a new trading tool, which can obtain the return on investment by doing long or short operations. Expanding the scale of stock index futures market will attract more investors to participate in it, increase market liquidity and improve market efficiency. Especially in the case of hedging between futures market and stock market, the expansion of stock index futures can effectively reduce market volatility and have a positive impact on the operation of stock market.

The expansion of stock index futures can promote the reform of the capital market. With the continuous expansion of the stock index futures market, the related derivatives market will gradually mature. This will promote the development of the financial market, not only provide an effective hedging method for the stock market, but also provide a new channel for a large number of capital investments. On the basis of stock index futures trading, various financial derivatives can be introduced to increase the richness of financial market tools. This will not only promote the healthy development of the financial market, but also provide a new impetus for the country's capital market reform.

The expansion of stock index futures is beneficial to risk management. The rise and fall of Shanghai and Shenzhen 3 Index, CSI 5 Index and other constituent stocks have a vital impact on the whole market. Therefore, with the expansion of the stock index futures market, the integrity of stock index futures price fluctuations has also been strengthened. Because stock index futures have the function of avoiding risks, it is beneficial for investors to grasp the market fluctuation and direction. Further promotion of stock index futures can help investors lock in prices and avoid risks through the futures market, so that investors have more operating space and strategic choices.

To sum up, the expansion of stock index futures plays a positive role in improving market efficiency, promoting capital market reform and risk management. With the development and opening up of the domestic financial market, I believe that the stock index futures market will also usher in a broader development space.